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and their respective parties in debating and discussing solutions to the fiscal cliff. president obama organizing a campaign to persuade voters that his plans for higher taxes on the wealthy are the right path forward. leading republicans creating consternation within their own party does they reversed themselves from taxes and seemingly the president's ideas of increases, a growing number on the right rejecting their no new taxes pledges and instead are now claiming the grover norquist is the real problem in washington d.c. fox digital politics center is here with us tonight as is the daily caller stalker carlson. egyptian leader declaring new powers for himself, claiming he won't be just another dictator. just a week ago praised by the obama administration for brokering a ceasefire in gaza, and now the white house is silent on the more -- coupe. middle east expert professor hoover institute senior fellow "wall street journal" as columnist among our guests here tonight. we begin with the president's broad based strategy to conduct our right class warfare against the republican party on the issue
less conversation and more on the fiscal cliff. that is my "2 cents more," and that's it for tonight. thank you for joining us. have a great night. we'll see you here tomorrow. ♪ lou: good evening, everybody. more than 200-point swing in the stock market today, but at the end of the days of volatile session the dow jones industrial had a triple digits gain. anxious investors worldwide, however, have been selling stock on concerns about the impending peril of the so-called fiscal cliff. president obama for his part seems utterly unimpressed by market volatility and the consequences of failure to resolve the issues of tax hikes and spending cuts that go into affect the first of the year. as the markets were falling in the first hour of trading this morning, house speaker john maynard stood up and offered support to investors and leaders for the market. stocks stabilized and then began climbing on the speaker's expression of optimism that a deal is within reach. we will take all of that up and more here tonight with bedford open geyser ceo harvey eisen and republicans who have put tax
investors no favors real acquainting them instead with the scary parts of the fiscal cliff story. the federal reserve chairman spooking investors saying that the bank would not have infinite ability to address the fallout from the failure to avoid going over the so-called fiscal cliff. the dow jones industrial today losing seven points, s&p, nasdaq up fractionally. president obama returned to the white house after a three day trip to -- through southeast asia with stops in cambodia, thailand, and burma. the president takes part in a yearly presidential tradition. the parting of the national thanksgiving turkey in the rose garden. the prime minister of israel reiterating tonight that the cease-fire deal has been reached he told reporters that israel will take whatever action is necessary to defend its people but stated a diplomatic resolution would be preferred. joining as, fox is national-security analyst, former ambassador to the united nations. let me turn to you first. is it your sense that a deal has been reached between hamas and israel? >> because israel has accomplished th
-on-year, that is pretty good. >> what fiscal cliff, right now we're up by 12% from our 12 month low. in terms of a month long average that is pretty good, investors are not as frightened as they were some days ago regarding possibility of higher taxes, for capital gains and dividend. lou: they are still in prospect, all of it is. we have folks introducing bills to defer the whole thing for a year now. and the president is making nice, he is talking with ceos, seeming leally almost every othr day. >> market thinks we have a kinder and gently barack obama, who knows that might be correct. but who knows, business sales show no signs of improving sig 1/2 cannily, we'll issue watching what happens this week into start of the holiday shopping scene very closely. lou: at what point do we just acknowledge we're sort of you know bumbling along, economically, that the markets are outperforming the economy. and if we look at this right now, there is a project here that from index of leading economic an kate or to market's behavior that says we have good things in store here 6 months down the road. >> equity can li
with the fiscal cliff. i want to go to your call for a special prosecutor. on benghazi, but, going to the fiscal cliff, the speaker making it very clear, that he's going to approach the negotiation of the white house, on the cliff, positively with some sense at least of accommodation, potential accommodation, if his terms are met. that is positive stuff, don't you think? >> well, it is positive. but, there's a lot of pressure, right now, and, of course, pressure is what you can use to take care bonn and make diamonds. this is the time to be bold. this is not the time to be defensive and i'm glad the speaker has come forward with a proposal but, the thing is, we ought to be taking the president's words and sticking them back with him. he wants everybody to pay their fair share. let's do it. let's have capital gains, 15%. let's have income tax, 15%, gift taxes, 15%, let's make sure that warren buffett finally starts paying at least as much as his secretary, in the percentage, and, what has been proposed, here, by the president, will not have warren buffett paying the same as his secretary, in perc
with the fiscal cliff talking about a special prosecutor with benghazi of the speaker makes it clear he will approach and a sheet -- negotiation positively with some sense of accommodation if his terms are met. that is pretty positive? >> there is a lot of pressure right now. that is what you use to take part been and make diamonds. you need to be bold, not offensive. the speaker came away with the proposal but we should take the president's words he wants everybody to pay their fair share. let's have capital gains come income tax, make sure warren buffett pays at least as much as his secretary and what has proposed will not have warren buffett pay the same. have a flat tax. if you make more, you pay more. lou: president himself may have been talking to you or others about the possibility of reforming the entire tax code. >> this is a great time. >> don't forget to the last time the senate had a budget is when her read worked with speaker pelosi nobody complained they're not spending enough money. 2.5 trillion goes off $1 trillion of spending right there. lou: there are always to get th
the so-called fiscal cliff, and i have no sign of progress to report to you on the talks between president obama and the republican leaders trying to reach a deal to avoid the crisis. the number two man, durbin of illinois tad saying nothing should be left off the table in search of budget cuts, and new sources of revenue, the assistant majority leader allowing the changes in the president's signature legislative achievement should be on the table. that's right, obamacare. >> put everything on the table. repeat, put everything on the tail, not just taxes and revenue, but spending cuts and entitlement reform. the only perfect law i know was carried down a mountain by senator moses. lou: what should be positive words for republicans tempered by the fact that senator durbin has no standing as the president's representative in the negotiation, and harry reid is telling a far different stories. john boehner and his caucus, the target, again, of senator reid's blame game. the senate majority leader insistent that republicans are the only onee in the way of the deal. reid asked point bl
. by $6 trillion., that is his initial bargaining position on the fiscal cliff. he wants to do that over thethis next decade. it works out to 160 billion per year in taxes.o republicans are howling aboutup? it, but are they wrong to do so. let's take a look at some rlier numbers.ar earlier this year, the president unveiled a 3.8 -- i love this. we just talk about these numbers like there's nothing to it. them $3.8 trillion budget. he forecasted a $1.3 trillion deficit. th so that means, if i can figure this out, $2.5 trillion to work with. $1.3 trillion in deficit. $901 billion left for next year. our national deficit iss big pl $16 trillion. everybody knows that. the president's bignt plans, he just wants $1.6 trillion in new taxes.t here is how he wants to get there. first he wants to raise 849 billion. by allowing the bush tax cuts -y there they go. taking him away.f the very first of december of this year. incom incomes of more than $250,000, 849 billion includes 206 billion in higher taxes on dividends. $123 billion on limiting i'm itemized deductions.pital higher taxes on capital
recession. >> absolutely. so the fiscal cliff is a contraction in the government imposed into the economy of 45% of gdp. on the first order that will hit and reduce economic growth from 2 percent down some-1,-2 very easily. lou: in your judgment would be helpful, profoundly helpful for congress and this president to agree that there will leave everything, create a status quo for negotiations on a reform of the tax code that would take place over the course of six to nine months next year and hold in abeyance any changes just simply stopping, for the first time in some time ever, congress and our president actually think through public policy. >> absolutely. tax-cut reform on the one hand, and salomon reform on the other. if congress and the president move in that direction it would be a very, very positive signal that the political process is actually functioning. lou: a real quickly, we're out of time. some symbols, reasonable template. >> i think it is. lou: thank you for being here. president obama's reelection reigniting the debate about illegal immigration. what a republican ship on
and effectiveness reemerge from washington, d.c., on the fiscal cliff? >> zero. lou: i thought that. >> if we can keep the current tax rates, we would continue to increase government revenue. ineasing 26% under the bush tax rates over the last two years. over the last two years, government revens have risen 26%, almost a quarter using the buss tax rates. low tax rates brg more revenues, not less revenues. lou: do you interpret all of the drama to be a lack of faith? in front of the growth model that has been demonstrated, as you point out, over the past two years. they are really saying the economy cannotrow fast enough to support the government. we will not see revenue increase unless we raise taxes. >> that is correct. the pre-verse thing is you don't get growth if you raise tax rates. in california d several other states that top rate is approaching 50% effectively with a 50% top rate, a business have as much incentive to fire somebody to lower-cost as to hire somebody to increase revenues. lou: it is a high risk experiment, but nonetheless experint bringing tax levels above 50%, the nation ri
Search Results 0 to 17 of about 18 (some duplicates have been removed)

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